{"id":30157,"date":"2025-04-22T13:34:21","date_gmt":"2025-04-22T11:34:21","guid":{"rendered":"https:\/\/integrae.it\/?p=30157"},"modified":"2025-04-22T13:34:22","modified_gmt":"2025-04-22T11:34:22","slug":"update-18","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
As of the end of 2024, the consolidated value of production for the Spindox Group amounted to \u20ac 111.77 million, reflecting an 11.9% increase compared to \u20ac 99.85 million recorded in FY23A. Normalized EBITDA at the end of FY24A stood at \u20ac 9.93 million, marking a significant increase both compared to the previous year (+37.4% vs \u20ac 7.23 million in FY23A) and to our previous estimate of \u20ac 8.75 million. As a result, the EBITDA margin reached 8.9%, up from 7.2% at the end of the previous year.\u00a0
EBIT, after depreciation and amortization totaling \u20ac 3.96 million, amounted to \u20ac 4.55 million in FY24A, showing an increase of 59.1% compared to \u20ac 2.86 million in the previous year. Net Income stood at \u20ac 0.99 million, up from both the previous year (\u20ac 0.25 million) and our estimate (\u20ac 0.85 million).

In light of the results published in the annual report for FY24A, we are revising our estimates for both the current year and the following years. Specifically, we estimate a value of production of \u20ac 120.00 million for FY25E, with EBITDA of \u20ac 10.80 million, corresponding to a margin of 9.0%. For the following years, we expect the value of production to rise to \u20ac 156.00 million by FY27E (CAGR 24A\u201327E: 11.8%), with EBITDA reaching \u20ac 15.60 million (corresponding to a margin of 10.0%), up from \u20ac 9.93 million in FY24A (EBITDA margin of 8.9%). From a balance sheet perspective, we estimate a cash-positive NFP of \u20ac 7.20 million by FY27E. We conducted the valuation of Spindox\u2019s equity value using both the DCF methodology and the market multiples of a peer group of comparable companies. The DCF method (which includes, for prudential purposes, a specific risk premium of 2.5% in the WACC calculation) results in an equity value of \u20ac 99.9 million. The equity value derived from market multiples amounts to \u20ac 89.7 million. This results in an average equity value of approximately \u20ac 94.8 million. The target price is set at \u20ac 15.80. We confirm our BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

As of the end of 2024, the consolidated value of production for the Spindox Group amounted to \u20ac 111.77 million, reflecting an 11.9% increase compared to \u20ac 99.85 million recorded in FY23A. Normalized EBITDA<\/p>\n","protected":false},"author":5,"featured_media":14941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[284],"class_list":["post-30157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-spindox-2"],"acf":[],"yoast_head":"\nUPDATE - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-18\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"As of the end of 2024, the consolidated value of production for the Spindox Group amounted to \u20ac 111.77 million, reflecting an 11.9% increase compared to \u20ac 99.85 million recorded in FY23A. 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